Common use of Benefit Calculation Clause in Contracts

Benefit Calculation. 8.3.1 Payment shall be made for the unit member's accrued but unused sick leave days at the time of retirement or death based on 29 percent of the value of his/her accrued sick leave days. 8.3.1.1 If the unit member submits to the Superintendent’s Office a letter of resignation for purposes of retirement effective at the end of the unit member’s current contract year on or before February 1, the unit member shall receive an additional seven (7) retirement benefit days of pay regardless of his/her eligibility under Article 8.3. 8.3.1.2 If the unit member submits to the Superintendent’s Office a letter of resignation for purposes of retirement effective anytime during the unit member’s following contract year on or before May 1, the unit member shall receive an additional seven (7) retirement benefit days of pay regardless of his/her eligibility under Article 8.3.1. 8.3.2 Payment shall be based upon the unit member’s daily rate at the time of retirement or death. Daily Rate shall be determined by dividing base pay by the number of days in the contract. Base pay is determined by placement on the salary schedule plus shift differential, longevity, and extra teaching minutes. Extended service and supplemental contracts are not included in the calculation of base pay. 8.3.3 Number of accrued unused sick leave days x .29 x Daily Rate = Retirement Rate Benefit 8.3.4 Receipt of payment for accrued, unused sick leave shall eliminate all accrued, unused sick leave of the unit member. 8.3.5 Retirement pay shall be paid by “provided method” and shall be paid only once to the unit member or other payee, as authorized by the unit member, or to the beneficiary, in the case of death. The pay shall be subject to all legal deductions. For retirement pay, if the payee is other than the unit member, the unit member will be responsible for providing all external documentation necessary for issuance of pay (for annuity payments, leave buy-back payments, etc.)

Benefit Calculation. 8.3.1 Payment shall be made for the unit member's accrued but unused sick leave days at the time of retirement or death based on 29 percent of the value of his/her accrued sick leave daysdays to the maximum indicated in Section 8.3.2. 8.3.1.1 8.3.2 Unit members shall receive payment for unused sick leave based upon years of service to the maximum listed below: 8.3.2.1 If the unit member submits to the Superintendent’s Office a letter of resignation for purposes of retirement effective at the end of the unit member’s current contract year on or before February 1, the unit member shall receive an additional seven (7) retirement benefit days of pay regardless of his/her eligibility under Article 8.38. 8.3.1.2 3.1. If the unit member submits to the Superintendent’s Office a letter of resignation for purposes of retirement effective anytime during the unit member’s following contract year on or before May 1, the unit member shall receive an additional seven (7) retirement benefit days of pay regardless of his/her eligibility under Article 8.3.1. 8.3.2 8.3.3 Payment shall be based upon the unit member’s daily rate at the time of retirement or death. Daily Rate shall be determined by dividing base pay by the number of days in the contract. Base pay is determined by placement on the salary schedule plus shift differential, longevity, and extra teaching minutes. Extended service and supplemental contracts are not included in the calculation of base pay. 8.3.3 8.3.4 Number of accrued unused sick leave days x .29 (to the applicable maximum listed in Section 8.3.2) x Daily Rate = Retirement Rate Benefit 8.3.4 8.3.5 Receipt of payment for accrued, unused sick leave shall eliminate all accrued, unused sick leave of the unit member. 8.3.5 8.3.6 Retirement pay shall be paid by “provided method” and shall be paid only once to the unit member or other payee, as authorized by the unit member, or to the beneficiary, in the case of death. The pay shall be subject to all legal deductions. For retirement pay, if the payee is other than the unit member, the unit member will be responsible for providing all external documentation necessary for issuance of pay (for annuity payments, leave buy-back payments, etc.)